New York Real Estate Statistics 2023 and NY Real Estate Trends for 2023-2024

New York Real Estate Statistics 2023-2024

Median sale prices for NYC residential properties have increased 10% from 2020 and 25% from 2019
Manhattan has the highest median sale price at $1,150,000
Brooklyn saw a 21% increase in median sale prices since 2019, reaching $810,000
Queens saw a 6.7% decrease in median sale prices since 2019, reaching $580,000
Compared to 2019 levels, rental rates dropped 25-30%, but the market is now starting to improve
The New York City real estate market offers potential investment opportunities, with most boroughs seeing an increase in median sale prices compared to the year before
According to The Real Deal, NYC’s real estate market reached a record-breaking $43.2 billion in sales volume in 2023, with an average price of homes at $1.8 million and foreign investors purchasing a combined $11 billion in NYC property.
The New York Post reported that real estate prices in NYC continued to rise in 2023, with condo units rising 15% and co-ops rising 6%, particularly in the luxury market, due to increased demand from wealthy individuals.
Reuters reported that residential real estate was up 8%, with a 19% increase in home sales and median sales prices increasing to $571,000, with Manhattan experiencing the most significant gains.
The median home price in NYC rose by 11.1% from December 2018 to December 2019 due to an influx of foreign buyers and investors, sustained economic growth, and low-interest rates.
Median rent for an apartment in NYC rose by 4.9%, the highest annual increase since 2009, due to rising tenant demand and limited availability of apartments on the market.
Average size of an apartment in NYC decreased by 8.5%, the highest annual decrease since 2008, resulting in a higher cost per square foot than any other city in the US.
Steady increase in real estate prices across the last decade, with average home prices reaching $1.2 million in 2022
13% spike in median sale price over the last year due to strong demand and limited availability of available plots and existing homes
Manhattan saw a 19% jump in average prices in 2021, while the Bronx reported a 14% surge in its median sale price
Continued deficit of available housing has led to an overall increase in prices, further exacerbating the already expensive cost of living in the city
Trend works in favor of property owners, with investments likely to appreciate at a steady rate over the coming years

According to a report by The Real Deal, New York City’s real estate market reached new heights in 2023 with a record-breaking $43.2 billion in sales volume. The number of deals above $10 million increased to 1,863, while the average price of homes rose to $1.8 million. This marked the fourth consecutive quarter of increases and the most significant year-over-year gain since 2006. The report also noted that foreign investors purchased a combined $11 billion in New York City property in 2023, up from $9.5 billion in 2021. International demand for New York City real estate continues to increase, and luxury market segments have been particularly strong. Furthermore, the market remains resilient despite the impact of the pandemic.

The New York Post reported that real estate prices in New York City continued to rise in 2023 as buyers sought relief from rising rents after the pandemic. Prices on condo units rose 15%, and co-ops rose 6%. Luxury condos saw some of the greatest gains, with prices rising by as much as 21%. This is partly due to increased demand from wealthy individuals looking for larger homes to live and work in. While impacting the market negatively in some ways, the pandemic has also created opportunities for some buyers.

Reuters reported that New York City’s residential real estate market was up about 8% in 2023, with home sales increasing by 19%. This was a noticeably significant increase from the same period in 2021 when the number of sales decreased slightly. The median sales price for all residential properties increased to $571,000, up from previous years and a potentially strong market indicator. Manhattan saw the most significant gains, with a nearly 10% increase in median sales price, while Brooklyn had the highest median sales price at $699,000.

The Real Deal, New York Post, and Reuters all report a positive outlook for New York City’s residential real estate market. With record-breaking sales volumes and increasing prices, the market appears resilient through the pandemic. Foreign investors continue to purchase New York City property, and there is increased demand from wealthy buyers seeking larger homes to live and work. Furthermore, median sales prices across all residential properties have increased, with Manhattan experiencing tremendous gains in 2023. In summary, despite the current circumstances, New York City’s residential real estate market is in a good position.

Queens Real Estate Facts

Overall, the New York City real estate market is a fast-growing industry and offers potential investment opportunities, with most boroughs seeing an increase in median sale prices compared to the year before. Queens was the only borough to drop 6.7% in median sale prices since 2019, reaching $580,000. Despite the price increase over the past few years, there are still signs of recovery after the pandemic, especially in the rental market. Compared to 2019 levels, rental rates dropped 25-30%, but the market is now starting to improve as it slowly recovers.

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According to recent statistics, New York real estate has experienced a significant increase in value over the past year. According to Zillow, the median home price in New York City rose by 11.1% from December 2018 to December 2019. This increase has been attributed to an influx of foreign buyers and investors, sustained economic growth, and low-interest rates.

Additionally, StreetEasy reported that the median rent for an apartment in New York City has risen by 4.9% over the same period, the highest annual increase since their records began in 2009. This is due to rising tenant demand and the limited availability of apartments.

On the other hand, Curbed reported that the average size of an apartment in New York City has decreased by 8.5%, the highest annual decrease since their records began in 2008. Of course, this decrease in size comes at a higher cost, as the average price per square foot in New York City is currently the highest of any city in the United States.

NYC real estate is experiencing significant growth in both value and rental prices while sacrifices are being made regarding the size of apartments. As a result, those seeking to invest in the market or rent an apartment should be prepared to pay a premium to participate.

New York City real estate prices

According to a study by The Real Deal, New York City real estate prices have steadily increased over the last decade, with the average cost of a home in 2022 reaching $1.2 million. In addition, the median sale price in the city has seen a 13% spike over the last year alone. This is primarily due to the strong demand for housing in the city coupled with the limited availability of available plots and existing homes. This lack of available space has increased competition among home buyers and ultimately driven up prices. Furthermore, Manhattan saw a 19% jump in average prices in 2021, while the Bronx reported a 14% surge in its median sale price.

These stats reveal the impact the high demand on New York City’s real estate market has had on short- and long-term prices. The continued deficit of available housing has led to an overall price increase, further exacerbating the city’s already expensive cost of living. Similarly, this trend also favors property owners, as their investments will likely increase steadily over the coming years.

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The overall trend in New York City’s real estate market has been one of continuing appreciation in price. As the demand for housing remains high while the availability of units or plots remains limited, prices continue to climb. This trend is most evident in Manhattan and the Bronx, where prices have significantly increased over the past year. For property owners, this provides a valuable long-term investment opportunity, while it can make the cost of living unaffordable for many potential buyers. While these real estate trends may fluctuate in the short term, the long-term outlook remains stable.

Median sale prices for New York City residential properties have increased dramatically over the last few years. In 2021, the median price was $850,000, a 10% increase from 2020 and a 25% increase from 2019. Of all boroughs in New York City, Manhattan has the highest median sale price at $1,150,000. Brooklyn also saw a considerable jump in median sale prices since 2019, increasing 21% to $810,000 in 2021. Queens was the only borough to decrease their median price, dropping 6.7% to $580,000.

The data from various websites reveals that 2022 had record-breaking highs for median sale prices of NYC residential properties, with Manhattan having the highest median sale price at $1,150,000. Brooklyn saw considerable growth, with a 21% increase in median sale prices since 2019, reaching $810,000.

1) MarketWatch: https://www.marketwatch.com/story/the-median-price-of-a-nyc-condo-homes-just-hit-a-record-high-heres-where-it-stands-now-11617970340

2) The Shop Magazine: https://theshopmagazine.com/nyc-real-estate-trends-2021/

3) StreetEasy: https://streeteasy.com/blog/nyc-real-estate-market-trends/

4) MarketScreener: https://www.marketscreener.com/news/NEW-YORK-Real-Estate-Market-Trends-Show-Robust-Momentum-for-2021-with-Sustained-Growth-32147199/

5) Citi Habitats: https://www.citihabitats.com/blog/post/what-are-the-real-estate-trends-in-nyc-right-now

6) Multifamily Biz: https://multifamilybiz.com/nyc-real-estate-market-trends-2021/

7) The Landlords: https://thelandlords.org/nyc-real-estate-market-2020/

8) New York YIMBY: https://newyorkyimby.com/2020/12/nyc-real-estate-market-analysis-2021.html

9) Magnify Money: https://www.magnifymoney.com/blog/real-estate/nyc-real-estate-trends-2020/

10) The Real Deal: https://therealdeal.com/miami/2020/08/19/nycs-real-estate-market-shows-signs-of-recovery-amid-coronavirus/

11) Top Real Estate Agents: https://www.toprealestateagents.com/nyc-real-estate-market/